ACRA assigns A+(RU) to series 002P-01 (RU000A102VR0) bond issued by JSC “GTLK”

Credit rating rationale. The issue represents senior unsecured debt of JSC “GTLK” (hereinafter, GTLK, or the Company). Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of the Company in terms of priority. According to ACRA’s methodology, the unsecured debt repayment level corresponds to the second category. Therefore, the credit rating of the issue is equivalent to that of GTLK, i.e. A+(RU).

The credit rating of GTLK is based on the high likelihood of extraordinary support from the state. The Company’s standalone creditworthiness assessment is satisfactory. The Company’s creditworthiness is assessed as high compared to other Russia-based issuers.

Key issue properties

Regulatory disclosure

The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Individual Issues of Financial Instruments on the National Scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

A credit rating has been assigned to the bond (RU000A102VR0) issued by JSC “GTLK” for the first time. The credit rating is expected to be revised within one year following the publication date of this press release.

The credit rating was assigned based on the data provided by JSC “GTLK”, information from publicly available sources, as well as ACRA’s own databases. The credit rating is solicited, and JSC “GTLK” participated in its assignment.

No material discrepancies between the provided data and the data officially disclosed by JSC “GTLK” in its financial statements have been discovered.

ACRA provided no additional services to JSC “GTLK”. No conflicts of interest were discovered in the course of credit rating assignment.